The lead article on Marketwatch is "Rally Too Much Too Soon?" (link). With that kind of lead after a 113 point Dow up day, I think of that old song "Don't Worry Be Happy" (YouTube link).
Those that are most unhappy are the bad news bears, or those that keep calling "top." Like I have always written, calling top (or bottom) can be a fun game, but it is rarely profitable. Unlikely as it may seem, I still believe that there is a large group that missed the entire rally off the lows, and didn't get back in on the recent modest pullback.
Of course there is a top out there, however, just going on headlines, it isn't here yet, the market rarely complies like that. It is like a Catch-22, we can't get a top, if people keep calling top. If pundits stop calling top, we might get a top.
With all that, in earlier blog entries, I mentioned SPY 105 (currently 101.2) and late August as a possible price and time. Expiration Friday is August 21, the stock almanac says that the last week in August can be a doozy on the downside, and that September and October can be volatile as well. So as the time gets closer, I will be on my toes, even though for now, I believe we have about two more weeks for the Bobby Mcferrin song.
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